New York, USA, June 01, 2021 (GLOBE NEWSWIRE) -- According to a new report by Research Dive, the global tea market is speculated to generate a revenue of $67,920.8 million, from a market size of $54,322.1 million in the year 2020, at a significant CAGR of 6.6% during 2021-2028 timeframe. This report describes the ongoing scenario and growth of the market in the future. Furthermore, the report is put forth by experts through examining all the vital facets that are affecting the future and present market growth.
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Covid-19 Impact on the Market
The global tea market is estimated to witness an undesirable impact during the coronavirus mayhem due to the lockdown situation and social distancing norms. This factor is predicted to hinder manufacturing procedures, import and export business, disrupt the supply chain, and reduce availability of labors. For example, countries such as India and Kenya, which are the highest producers of tea, were greatly affected due to disturbances in transportation. However, technical advances, initiatives, and innovations are predicted to upsurge the market in the post-pandemic scenario.
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Factors Affecting the Market Growth
Tea offers a varied range of health benefits such as weight loss, reduces the dangers of heart-related disorders, and helps in fighting cancer. The presence of antioxidants in tea prevents premature aging and cell damage. Furthermore, caffeine in tea acts as a stimulant for improvising memory, brain function, vigilance, and reaction time. All these advantages of drinking tea are anticipated to fuel the growth of the global market in the forecasted years. However, coffee which is a preferred substitute for tea by people is likely to hinder the market growth. On the other hand, the introduction of exotic and unique tea types such as green tea, chamomile tea, organic tea, fruit tea, and so on are predicted to generate opportunities in the market in the future years.
The Black Tea Sub-Segment to Dominate the Market
Among the type segment, the black tea sub-segment is predicted to gain $24,368.3 million by the end of 2028, from a market size of $24,272.2 million in the year 2020. Black tea comprises antioxidant properties that eliminate free radicals and reduces cell damage. This aspect is expected to boost the sub-segment market in the forecasted period.
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Paperboards Sub-Segment to Gain Maximum Revenue
From the packaging segment, the paperboards sub-segment is projected to cross $26,199.5 million by 2028, rising from a market share of $20,631.9 million in the year 2020. Paperboards are efficient to move, carry items, or keep things. Also, they are quite economical for companies and widely used for packaging. These facets are considered to bolster the growth of the paperboards sub-segment market during the forecasted years.
Hypermarket/Supermarket Sub-Segment to be the Fastest Growing
Amongst the distribution channel segment, the hypermarket/supermarket sub-segment is projected to exceed $27,286.1 million by 2028, from a market size of $21,462.6 million in the year 2020. Hypermarket/supermarkets offer discounts on products, provide the flexibility to choose from a variety of brands, and has a self-service system. These advantages are predicted to fuel the growth of the sub-segment market in the forecasted timeframe.
Residential Sub-Segment to be the Most Profitable
From the application segment, the residential sub-segment is projected to garner $60,344.5 million by 2028, from a revenue of $49,387.9 million in 2020. The rise in the consumption and popularity of tea at residences along with health benefits associated with tea intake is projected to drive the sub-segment market during the forecasted years.
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Regional Analysis
The Asia-Pacific region for the tea market is anticipated to gain $51,650.0 million by 2028, from a market size of $39,173.3 million in the year 2020. The exponential surge in the demand for tea is due to promising tea culture in countries such as India, Japan, China, and so on. Further, unique packaging methods, taste, and a variety of flavors are estimated to boost the market in the region.
Key Players and Developments
• Associated British Foods Plc.
• Barry's Tea Limited
• Hain Celestial Group, Inc.
• ITO EN, Ltd.
• McLeod Russel
• Nestlé S.A.
• Taetea Group
• Tata Global beverages
• The Republic of Tea, Inc.
• Unilever Group
These players are focusing on strategies like product campaigns and launches to improve their position in the market. For example, in February 2021, Tata Consumer Products, a food, and beverage company announced the re-launch of the Tetley, a green tea brand that has a new variant consisting of vitamin C. This launch focuses to capitalize on the rising demand for drinks, food, and remedies that can boost immunity in the wake of the Covid-19 outbreak.
Further, the report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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